This Act allows a community or group of communities to establish a Community Bank and establishes the National Board for Community Banks. A Community bank may be established for: (a) promoting rural development through the provision of finance and banking services; (b) enhancing the rapid development of productive activities, especially in the rural areas; and (c) improving the economic status of small-scale producers, both in the rural and urban areas. The Board shall promote, develop, monitor and generally supervise Community Banks. The Board shall establish and maintain a fund for the promotion and development of banks under this Act. The Act defines functions of community banks and provides rules for their operation.
Nigeria · 1990-04-28